Behavioral Economics

The tendency to conform to the behaviors and beliefs of the people around you?

• Herd mentality

• Endowment effect

• confirmation bias

• sunk cost fallacy

The tendency to put more value on things you already own

• herd mentality

• Endowment effect

• loss aversion

• hedonic adaption

The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

• Confirmation bias

• Herd mentality

• Hedonic adaption

• sunk cost fallacy

the tendency to make decisions about a current situation based on what resources you have already invested in the situation

• loss aversion

• herd mentality

• confirmation bias

• sunk cost fallacy

True/False: The tendency people have to be more confident in their own abilities - overconfidence bias

• True

• False

True/False: The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence - sunk cost fallacy

• True

• False

The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website

• Herd mentality

• Overconfidence Bias

• Fear of Missing Out

• Confirmation bias

The tendency to regard losses as considerably more important than gains of comparable magnitude

• loss aversion

• confirmation loss

• Loss Aversion

• hedonic adaptation

the tendency for positive impressions of a person, company, brand or product in one area to positively influence one's opinion or feelings in other areas

• priming

• regret aversion

• endowment effect

• halo effect

effect is a psychological phenomenon by which people tend to develop a preference for things merely because they are familiar with them

• Mere familiarity

• Availability heuristic

• Priming

• Regret Aversion